The worst kind of fool is an educated fool. Real talk. 😐
I totally agree! I have my own stories to tell too... Only, we have to argue on the basis of facts as well as concepts, since there is no real alternative.
Topic: Bitcoin Is Not Really A Good Money - page 5. (Read 4287 times)
I totally agree! I have my own stories to tell too... Only, we have to argue on the basis of facts as well as concepts, since there is no real alternative.
Iwanted to just say that in all reality, the elites aren't affected by bitcoin right now at all.
Oh, I'll bet that this is very mistaken...
The bond/stock market is somewhere around tens of trillions of dolalrs or hundreds of trillions of dollars of value.
The total marketcap of all coins is about 154 Billion USD. That is very small compared to stock/bond market. The elites make their money in stocks/bonds.
A new thing coming out with ICOs all the time can greatly affect their earnings though, as investors will now likely start to notice ICOs and not put that money into stocks/bonds any more.
We are decades away from it making a real impact I would say.
The total marketcap of all coins is about 154 Billion USD. That is very small compared to stock/bond market. The elites make their money in stocks/bonds.
A new thing coming out with ICOs all the time can greatly affect their earnings though, as investors will now likely start to notice ICOs and not put that money into stocks/bonds any more.
We are decades away from it making a real impact I would say.
Stocks, bonds, etc. are all based on state-issued money. The majority of rich people spend most of their time with these, yes.
But the inner circle of power pays special attention to non-state-issued monies, for a variety of reasons, and in a variety of ways. (See the link from my original post as an example.)
The small market cap of Bitcoin only makes it more attractive for the elites to secretly promote as
an alternative to gold for the role of non-state-issued store of value. For one, it's cheaper for the elites to acquire and store for future use (for market manipulation, and 'cheap' is only in the sense of minimizing inflation, since the elites can print unlimited dollars and euro.) For another, Bitcoin's price can grow a lot without embarrassing the elites, since they never tried to fix its price explicitly. A big growth of value will help adoption of Bitcoin by the public and thus establish it as a legitimate store of value.
One might say world markets decide which money is good or bad. Good money prospers and increases in value while bad money devalues/hyperinflates as its worth diminishes.
If Charles Darwin were alive today he could write a theory of money evolution where markets are defined by a survival of the fittest credo which determines good, strong, money survives while bad, weak, money perishes and is eliminated from the global financial gene pool.
As Charles Darwin isn't here, how do we define what good money or bad money is?
If Charles Darwin were alive today he could write a theory of money evolution where markets are defined by a survival of the fittest credo which determines good, strong, money survives while bad, weak, money perishes and is eliminated from the global financial gene pool.
As Charles Darwin isn't here, how do we define what good money or bad money is?
Thank you for bringing this up. This is very key.
First of all, the world is messed up precisely because money is not a free market (at least for the last 500+ years, in the West.) Basically, after the Renaissance showed that humans can now produce a lot of real wealth, the top politicians and bankers learned to form an alliance to gain huge profits by using state power to manipulate the values of money, debt, and most other financial assets, while making the economy look like a free market.
In this system, the elites certainly don't let the best money win -- if they did, gold and silver would be worth a lot more today. (They have been trying to convince us gold is a bad money, over the last 45 years, and there is also a narrow definition of 'good' and 'bad' money under Gresham's Law.)
Good vs. bad money, as I used the phrases, only applies to what is good for an honest system that allows everyone to earn as they deserve, and that makes it unnecessary for the elites to use war and other violent means to defend their deceptive system.
Wallets should also lower transaction fees, its not normal how high they are. We will see for couple months will that be solved or not, but I will not send bitcoin nowhere. I get so nervous two days ago when I paid 3 mBTC transaction fee, that is 15 dollars!!!! That is a robbery!
I need to complain because bitcoin advertise was low transaction fees, anonymity, what changed!? More people joined, price rises and now let's make fees higher. Bitcoin is turning out into very expensive to use asset. Its not normal transaction fee to be 3 mBTC for 30 mBTC and someone who sending 3 BTC, that favorites rich people, and what is with rest of us?
It's not the fault of the wallets. They estimate the fees by looking at the size of the mempool. If it is huge, then the fees automatically rise. The only way they fall is if the mempool is empty - and given the 1mg blocksize and the lack of use of segwit, the only way the mempool will drop is if people don't use bitcoin.
Yes the worst part is that some people figure out that bitcoin was designed to replace gold, silver, platinum or dollars. This is not true, bitcoin was created to provide unique experience for peer to peer payments. We all need to know this before start blaming bitcoin or complain about it.
I think limited supply is key. It is why savers want Bitcoin, and indeed why the elites are promoting it (since, as I mentioned in a link from the OP, they ultimately need a sound money too.) In this key aspect, it plays the same role as gold.
It doesn't matter even if the elites are gettinf benefits from it who cares bitcoin is allowing us to hide from government agencies, paying unnecessary tax for funding the military to kill innocent people and also it is a free currency meaning no one from the top can know how much i have unlike banks any executive manager can have information about you
Yes, as you imply, Bitcoin is a lot better than fiat. But not as good as gold. Maybe it's 90%, 95% of gold (taking a crude, one-dimensional evaluation of merit here).
But my point is that, if the monetary system leaves even a 1% hole open for the elites to abuse it, they will find it. So, 99% is not good enough.
Now, as I mentioned in the OP, even gold is not good enough. But that weakness applies to cryptos as well, and crytos open up whole new ways of abuse.
In the grand scheme of things, promoting crypto represents a retreat by the elites, similar to letting gold go up. But this retreat is a lot less embarrassing for them, and in fact is not as far a retreat as promoting gold (due to the non-physical nature of crypto.) So it is a good idea from their point of view.
In the very final analysis, what will be good enough can only be public awareness. That is why, this is a thousand year battle. The battle is nevertheless worth fighting.
No, bitcoin or any fiat currency has its unwanted features. Yes it isn't perfect but I think we do positive thinking first than looking for what is bad to it, really won't do good to you and bitcoin also. I do hate also the high fee but that is part of what bitcoin increases meant.
Bitcoin is actually an electronic or digital payment instrument, where elites want payment systems through bitcoin and other cryptocurrencies by ignoring paper currency. It is true that transparent bitcoin weakness is the absence of an authoritative body that can control, even though banks, governments and society in general , But indirect progress has proved that bitcoin will become a necessity in the future
There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.
Transactions fee will decrease as infra become more and more developed. Competition between different exchanges and wallets, financed on ICOs and with other venture capital should push fees down. The other point is what to do with the speed of transactions.
Segwit has been activated a few days ago so I don't know if we can feel the impact of it right now or we just needed a few more months of so. If miners would have upgraded their software to support Segwit then it will be a breeze to make transaction and we don't need to pay high fees because it is design like that isn't it?
I think exchanges should lower the fees now if really Segwit becomes successful. I guess its really up to the individual to still used bitcoin or go to altcoins to pay less fees and faster confirmation if you keep on complaining about it.
Wallets should also lower transaction fees, its not normal how high they are. We will see for couple months will that be solved or not, but I will not send bitcoin nowhere. I get so nervous two days ago when I paid 3 mBTC transaction fee, that is 15 dollars!!!! That is a robbery!
I need to complain because bitcoin advertise was low transaction fees, anonymity, what changed!? More people joined, price rises and now let's make fees higher. Bitcoin is turning out into very expensive to use asset. Its not normal transaction fee to be 3 mBTC for 30 mBTC and someone who sending 3 BTC, that favorites rich people, and what is with rest of us?
Bitcoin is a modern currency of the future and good money. Perhaps he has some minor shortcomings in the form of high fees, but they will be covered by a rapid price increase that will make many people rich.
There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.
Transactions fee will decrease as infra become more and more developed. Competition between different exchanges and wallets, financed on ICOs and with other venture capital should push fees down. The other point is what to do with the speed of transactions.
Segwit has been activated a few days ago so I don't know if we can feel the impact of it right now or we just needed a few more months of so. If miners would have upgraded their software to support Segwit then it will be a breeze to make transaction and we don't need to pay high fees because it is design like that isn't it?
I think exchanges should lower the fees now if really Segwit becomes successful. I guess its really up to the individual to still used bitcoin or go to altcoins to pay less fees and faster confirmation if you keep on complaining about it.
There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.
Transactions fee will decrease as infra become more and more developed. Competition between different exchanges and wallets, financed on ICOs and with other venture capital should push fees down. The other point is what to do with the speed of transactions.
Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.
Virtual asset but the value of Bitcoin is real, this is the definion of Bitcoin today.So, we should have some backup way for keep safe our money when use Bitcoin, because virtual value really easy get hacked and loss.
I agree with you there but fact still is that it doesn't any form that people can hold and can physically exchange for products. I undrstand it can somehow happen and demand can grow furthermore but currently, the current currency which is fiat is the main thay will always be used in the market.
There are another fews problems with Bitcoin. You might want to include them in here. First of all, Bitcoin’s price is pretty volatile. Just to give you a sense of its volatility, just look at the price chart of Bitcoin a few days ago. Bitcoin price dropped almost 300$USD in the space of 2 hours! That is amazingly bad. Such a characteristic makes Bitcoin a terrible currency. The second characteristic is the freaking high transaction fee. I payed freaking 0.00115742 to transact 0.00396661BTC to another account! Far out! Fiat fees are like a few cents. And here I am paying $6! So as you can see, Bitcoin is not a very good currency at all. The only good thing about it is its decentralised platform and peer to peer network. I still have hope that transaction fees will decrease.
First things first: all of gold, silver and Bitcoin are subject to central bank manipulation by pegging. When central banks store up enough non-state money, they can sell that money for a fixed dollar or pound price, and thus suppress any appreciation of the non-state money in currency terms. This enables the elites to acquire wealth and power for free, by issuing state currency and debt, as long as the central bank has enough of the non-state money to fight off any 'run on the bank.'
I am not sure and there is no way for us to check - to know whether central bank already store enough Bitcoin and planned to sell it when it reach certain point. But, everyone could compete in this field, because bitcoin gain its value like bubbles, then whoever sell bitcoin at highest peak could make biggest profits. There are many peoples and whales already involved in bitcoin environment which makes the price fluctuations become a normal things.
Certainly there's no way to know for sure until central banks announce how much Bitcoin they have (as they openly stated they had 'a lot of' gold and silver in the past.)
The power to move prices by owning a lot of something is a very profitable advantage. The problem is that the financial assets of a nation belongs to its public, but the top politicians and bankers have used their control of these assets to manipulate financial markets and create long-term bubbles that mostly benefit themselves, over the last 500+ years.
Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.
Virtual asset but the value of Bitcoin is real, this is the definion of Bitcoin today.So, we should have some backup way for keep safe our money when use Bitcoin, because virtual value really easy get hacked and loss.
It doesn't matter even if the elites are gettinf benefits from it who cares bitcoin is allowing us to hide from government agencies, paying unnecessary tax for funding the military to kill innocent people and also it is a free currency meaning no one from the top can know how much i have unlike banks any executive manager can have information about you
These are the some fundamental reasons why people are so much attracted towards bitcoins. Bitcoins are providing them complete freedom and a completely control over their money. No one can ask them about their assets for charging them with useless taxes that are never ever used for the welfare of public. 
You are stating the disadvantages of bitcoin, every thing has pros and cons and so does bitcoin also have some disadvantages. But you should also have to admit that bitcoin has more advantages than disadvantages, and that is the main reason why it is so popular around the world.
Bitcoin is secured on algorithm which makes it unique from other physical currencies, it doesn't mean that it is not secured, the network based on blockchain is much more stable and secured.
Transparency is a headache for the government as the transactions are anonymous and there isn't any central control of transactions or bitcoin network.
Elite are secretly involved because bitcoin is the future and they do believe that it is better than gold and silver in earning purpose to make good profit.
Bitcoin is secured on algorithm which makes it unique from other physical currencies, it doesn't mean that it is not secured, the network based on blockchain is much more stable and secured.
Transparency is a headache for the government as the transactions are anonymous and there isn't any central control of transactions or bitcoin network.
Elite are secretly involved because bitcoin is the future and they do believe that it is better than gold and silver in earning purpose to make good profit.
Bitcoin has the value of it's own which is derived by itself. The value is obtained on the market forces and non other has external body and even the Govt. of any country also can't interfere to it's transaction. It's a real money but the virtual but great value as of now.
Virtual asset but the value of Bitcoin is real, this is the definion of Bitcoin today.So, we should have some backup way for keep safe our money when use Bitcoin, because virtual value really easy get hacked and loss.
for me bitcoin is a really good thing to be dependent on. it really helps me on daily instructions mostly business transactions bitcoin also always there for me when i needed money i can easily sell it out so that i can cash it out. even tho bitcoin is a decentralized money. i don't care because bitcoin is the one who helps me to be on my state right now.
Bitcoin is much more good in transaction because on the first place crypto-currency serves as an good option for more reliable and fast transaction so it could be good for of money in terms of transaction. People can say that bitcoin is not a good form of money if they do no have enough proof or experience though using Bitcoin in transaction, investment or trading. Jump to: